Daily Market Update

by Jamie Henry27 Mar 2015

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Daily Market Update

Wall St. closes lower; Yemen weighs on markets
Wall Street’s three main indexes closed with mild losses Thursday as investors consider the dollar and political unrest in Yemen. Friday’s trading in Asia has been mixed with concern over oil supplies due to the Yemen crisis initially causing concern. Japan released weak consumer price data sparking new fears of deflation and Chinese industrial profits hit a three-year low, although Shanghai did manage to close higher. In Europe the mood has been dampened by Yemen but stocks have rebounded and most indexes are trading higher so far.

How much is Google’s new CFO going to make?
Statutory filings Thursday show that Google’s new chief financial officer is in line for some large pay checks. The former Morgan Stanley CFO Ruth Porat was hired earlier this week and will receive $70 million in restricted stock units and a biennial grant. She is also being paid a $5 million ‘welcome’ bonus.

Former American Apparel CEO seeks $40 million in damages
Ousted chief of American Apparel Dov Charney is seeking $40 million in damages for a breach of his employment contract his attorney has said. Reuters reports that there will be additional lawsuits which are not being revealed to the media. Matters arising from a review of his departure are to be investigated by the U.S. Securities and Exchange Commission the retailer announced this week.

Radiation leak at New Mexico nuclear facility caused by kitty litter
An investigation by government scientists has concluded that the radiation leak at the Waste Isolation Pilot Plant in New Mexico that occurred last year was caused by a combination of incompatible chemicals. These include the wrong kind of kitty litter which was used to absorb liquids; this reacted inside a barrel of other components leading to it bursting and releasing radioactive materials.